HispanicPundit + wealth   11

Extensive Data Shows Punishing Reach of Racism for Black Boys - The New York Times
White boys who grow up rich are likely to remain that way. Black boys raised at the top, however, are more likely to become poor than to stay wealthy in their own adult households.
Race  Blacks  wealth  Racism  NewYorkTimes 
march 2018 by HispanicPundit
Intelligence: "Investigating the right tail of wealth", by Steve Sailer - The Unz Review
The extent to which people in the right tail of wealth are highly educated and cognitively able was examined in a sample of 18,245 ultra high net worth (UHNW) individuals with net worth’s of USD $30 million plus. How education and ability related to religion, ethnicity, political affiliation, relationship status, country, industry, leadership, gender, net worth, giving, and network power was assessed. And whether gender, religion, ethnicity, or network power differences existed in the right tail of wealth was examined. Overall, these people were highly educated and cognitively able, and smarter (more educated) people were wealthier, gave more, and had more powerful social networks (but when controlling for multiple confounds the association between education/ ability and wealth was found to be quite small).
IQ  wealth  education  Sailer 
february 2018 by HispanicPundit
Understanding differences in life expectancy inequality - Marginal REVOLUTION
The life expectancy gap at age 40 between high income and low income individuals is substantial. I explore how medical expenditures and unhealthy behaviors account for the life expectancy gap. The data reveals the following. First, low income individuals tend to spend more on healthcare than high income individuals at all ages. Moreover, health disparities by income is salient due to differences in unhealthy behaviors such as heavy smoking. To answer how much dierences in access to medical services and unhealthy behaviors can explain in light of these stylized facts, I construct a life cycle model. The distinctive features of the model are that it flexibly incorporates unobserved, potentially correlated initial human and health capital stocks and embed unhealthy behaviors. Furthermore, the model includes two health systems: private health insurance and Medicare. The main findings are i) differences in access to medical care driven by income inequality potentially accounts for 12.5% of the life expectancy gap, ii) health insurance increases longevity for low income individuals, but modestly, iii) the health condition when young shapes the trend in average medical expenditures by income groups and iv) the impact of differences in unhealthy behaviors is predominant in understanding the life expectancy gap.
Lifeexpectancy  wealth  Inequality  NBER  Cowen 
december 2017 by HispanicPundit
The working rich are driving income inequality, not the rentiers - Marginal REVOLUTION
Have passive rentiers replaced the working rich at the top of the U.S. income distribution? Using administrative data linking 10 million firms to their owners, this paper shows that private business owners who actively manage their firms are key for top income inequality. Private business income accounts for most of the rise of top incomes since 2000 and the majority of top earners receive private business income—most of which accrues to active owner-managers of mid-market firms in relatively skill-intensive and unconcentrated industries. Profit falls substantially after premature owner deaths. Top-owned firms are twice as profitable per worker as other firms despite similar risk, and rising profitability without rising scale explains most of their profit growth. Together, these facts indicate that the working rich remain central to rising top incomes in the twenty-first century.
Inequality  Chomsky  wealth  Socialism  Cowen 
november 2017 by HispanicPundit
The Rich Are Also Different From One Another - Bloomberg View
The richest Americans are much less likely to have inherited their wealth than their counterparts in many supposedly more egalitarian countries. They’re not remarkably rich in degrees from elite universities. Rich Democrats have more social connections than rich Republicans....For all the talk of Sweden and Austria as relatively egalitarian societies, they are also the countries where the greatest proportion of high-net-worth individuals inherited their wealth: 43.8 percent and 49.6 percent, respectively. In the U.S., inherited wealth accounts for only 12.6 percent of the very wealthy individuals in the study’s sample.
wealth  USA  Europe  Cowen  bloomberg  Sweden 
october 2016 by HispanicPundit
Lottery Winners Don't Get Healthier
A natural hypothesis is a whole set of circumstances and lifestyle choices have both health and wealth effects. These causes can be either "right" or "left" as far as the evidence before us: "Right:" Thrift, hard work, self discipline and clean living lead to health and wealth. "Left:" good parents, good neighborhood, the right social connections lead to health and wealth.

Either way, simply transferring money will not transfer the things that produce money, and produce health.

Perhaps the documentary was right after all: "class shapes opportunities for good health." But "class" is about more than a bank account.
inequality  health  wealth  genetics  cochrane 
july 2016 by HispanicPundit
How much have white Americans benefited from slavery and its legacy?
The economic incidence of slavery is a tricky matter (most of what Squarely Rooted argues here is wrong). A lot of whites in the slave trade bought slaves at the going market price and earned the going market rate of return. Of course these same whites were reluctant to free the slaves they had bought and that meant terrible lives for the victims. But the gains of those whites are not mirror images of the losses of the slaves. Thus in some regards slavery was a massive collective action problem with a relatively small number of beneficiaries. Those benefiting would include individuals who first saw the gains from seizing slaves from Africa, and individuals who were good at spotting undervalued slaves and buying them up and exploiting them. That’s a fair number of people but it is far from comprising the overwhelming majority of society in 1840, much less 1940 or 2014, once we consider possible wealth transmission to their heirs. - See more at: http://marginalrevolution.com/margin
slavery  history  wealth  reperations  cowen 
april 2015 by HispanicPundit
Who's the richest person in your favorite European country? - Vox
The big difference between the US and Europe is that Europe doesn't have the technology barons and oil tycoons who often pop up in the ranks of American billionaires. Instead it's mostly about retail chains and finance, along with the fact that Nutella is perhaps a more lucrative business than one would have guessed.
europe  usa  wealth  maps  yglesias 
september 2014 by HispanicPundit
CONVERSABLE ECONOMIST: The Global Wealth Distribution
Total world wealth was about $241 trillion in 2013, with a little under one-third in North America, a little under one-third in Europe, and the rest spread around the rest of the world. Average wealth per adult for the world economy was $52,000, with North Americans averaging about six times that amount, while those in Africa and India averaged less than one-tenth of that amount.
timtaylor  europe  wealth  africa  usa  graphs  world 
october 2013 by HispanicPundit
How good are the upper classes?
We need to be cautious in our interpretation of these results. Of the seven tests, two of them showed that people driving more expensive cars are more in a hurry and more likely to cut off others or not yield. That’s not praiseworthy, but hardly a major moral condemnation. Several of the tests involved people being asked to imagine they were high class, not actual “high class” people themselves. To that extent we are testing the lower class view of the upper classes, noting that I would not use those terms as given. One of the tests showed that social class did not matter once we adjust for a person’s attitude toward greed. A positive attitude toward greed is positively correlated with social class, but it was also easy enough to “prime” the lower class individuals to feel the same way, suggesting that extreme context dependence will hold here.
sidebar  cowen  psychology  culture  moralissues  wealth 
february 2012 by HispanicPundit
The chart that closes the case on the inequality myth « The Enterprise Blog
And here is Saez and co-author Wojciech Kopczuk: “Our series show that there has been a sharp reduction in wealth concentration over the 20th century: the top 1 percent wealth share was close to 40 percent in the early decades of the century but has fluctuated between 20 and 25 percent over the last three decades.”
inequality  wealth  saez  aei  sidebar 
november 2011 by HispanicPundit

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